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Il Jeong Industrial swings to profit in Q3

Il Jeong Industrial Co. Ltd. said its normalized net income for the third quarter was 757.05 South Korean won per share, compared with a loss of 12.78 won per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 908.5 million won, compared with a loss of 15.0 million won in the year-earlier period.

The normalized profit margin rose to 7.0% from negative 0.1% in the year-earlier period.

Total revenue fell 24.5% on an annual basis to 12.97 billion won from 17.18 billion won, and total operating expenses fell 32.0% year over year to 11.72 billion won from 17.23 billion won.

Reported net income totaled 1.02 billion won, or 853.74 won per share, compared to a loss of 7.0 million won, or a loss of 6.00 won per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to 1,155.56 South Korean won.